Our review

Got your specs handy? The ANZ Frequent Flyer Black Credit Card comes with the extensive suite of member benefits you’d expect from a prestige black card with a mammoth annual fee, but you’ll need to be all over the small print to make sure you extract the maximum advantage for the extra dollars you pay.

What you will pay, after the first year

This is one of the more expensive premium rewards cards, but the good news is that ANZ will waive all annual fees in the first year.

After that, the annual fee has two components, the $370 card fee and the $55 rewards scheme fee, adding up to $425 p.a. per year. For each extra cardholder, add a further $65 ($10+$55). It’s pricey to say the least, but justifiable if you can spend enough each year to score, say, a business class return from Sydney to Melbourne – 32,000 points, requiring a $32,000 spend (less if some of that spending is with Qantas) and saving you at least $1,620 (excluding any additional charges).

Uncapped points earning

This is a stand-alone Visa card, and even for a Visa the ongoing earning rate is not exceptional, given the size of the annual fee. However, although there’s a points threshold, beyond which the earning rate decreases, there’s no overall points cap. It’s ANZ’s most rewarding Qantas Frequent Flyer card.

The earning rate is:

1.0 QFF points per dollar, up to $7,500 per statement period

1 pt per $1 spent up to $7,500 then 0.5 pts per $1 spent per statement period, above $7,500 per statement period

First year benefits

It’s not difficult to justify having this card for the fee-free first year, especially given the other sign-up benefits, which include:

75,000 points to accompany your first $2,500 in 3 months of holding the card. These points will put you well on the way to earning a return economy flight to Europe (120,000 points). (Small print alert. You won’t get the bonus points if you already have, or have had within the last twelve months, any kind of ANZ Frequent Flyer credit card.)

Ongoing benefits

The benefits aren’t confined to the first year. You’ll get these additional complimentary privileges for holding the card, every year:

Qantas Club annual membership fee discount. The dollar value of the continuing Qantas Club discount is not specified, but it appears to be at least $90 ($425 p.a. minus $385).

Two Qantas Club lounge passes per year. You can use the worldwide Qantas lounge facilities twice each year (or extend the privilege to a friend if you’re already a member) with these complimentary passes. (Small print alert. You need to be on a Qantas or Jetstar flight in order to use the pass, and you must order it four weeks in advance and wait for it to arrive by mail.)

Additional points on Qantas purchases. You’ll earn one additional point per $1 spent on Qantas flights and upgrades, QFF joining fees and Qantas Club joining and annual fees. (Small print alert. You won’t get the extra points for Jetstar flights or Qantas holidays, and you need to purchase directly from Qantas, not through a travel agent.)

Unlimited access to Veloce lounges overseas. You can still enjoy lounge access at overseas airports without being a Qantas Club member. Just show your ANZ black credit card and your flight ticket in order to be admitted to lounges like the Servisair Executive Lounge at Heathrow Terminals 1 and 3, or the Airport Wellness Lounge and Ambassador Lounge at Singapore Changi. The frequent flyer community says that the standard of Veloce lounges is variable.

Top-of-the-range QBE multi-trip international travel insurance, covering medical expenses, theft, loss and damage of property, car rental excess and more. ANZ says you can save up to $800, and it’s certainly true that even a basic policy could cost $450. (Small print alert. You must use the card for at least $250 of each trip’s cost to activate the insurance cover, but that’s a low amount compared with other cards.)

Personal concierge service. Anyone contemplating a black credit card might well find value in the complimentary concierge service for assistance with travel, entertainment and restaurant bookings, although it’s not made clear who the service provider is, with just a contact phone number and no website link. However, the card does also come with admission to not only Visa Entertainment (pre-sale tickets to sought-after events) but also 'Exclusives by ANZ’, and its world of invitation-only entertainment, food and lifestyle experiences.

The downsides

There’s no getting around the steep annual fee in the second and subsequent years and the high ongoing purchase interest rate of 19.99% p.a., but holders of black cards don’t usually plan to rack up interest-bearing credit card debt.

You also have to be sure that you want QFF points, because there are no options to earn, or transfer to, any other type of reward or airline points.

This card is meant for…

... QFF points collectors who prefer the global acceptance of a Visa card, in contrast to the lower acceptance rate and higher surcharges attracted by an American Express card. The substantial bonus points and annual fee waiver make the card particularly attractive in the first year, while regular travellers are likely to consider that the lounge passes, lounge membership and complimentary insurance more than offset the annual fee in subsequent years.

User reviews

3.6 out of 5.0 based on 15 reviews80% of reviewers would recommend this card

Rates and fees

Rewards

Customer service

Convenience

Trust

Reviews from users

I get a lot of frequent flyer points

Reviewed and recommended by Drew on 01 Jul 2016

I have this card purely for the Qantas Frequent Flyer points. It’s expensive, yes, but I feel the benefits outweigh the cost at this stage. The main reason I first got attracted and ended up choosing this card was for the 75,000 bonus points that were on offer. Also there are other benefits like free entry into airline lounges—domestically and internationally—and having no annual fee in the first year.

I am happy with this card at this stage.

Does everything it's supposed to

Reviewed and recommended by Monique on 14 Jun 2016

This is a great credit card with a good points earn rate for each transaction and also comes with a companion AmEx. There are excellent bonus point offers available throughout the year and free annual membership deals, so keep your eyes open for these. Easy online account management and the app is also great. Excellent freebies. Highly recommended.

Great service, rewards and sign up offer

Reviewed and recommended by Tim on 26 Jun 2016

I signed up for 75,000 sign up bonus QFF points with the first year’s annual fee waived and have already claimed the annual set of complimentary lounge passes. I found the application and service excellent and very streamlined.

The annual fee is very expensive, but you need to weigh it up against the points you get, which I think are market-leading. Overall, I would recommend this card.

Premium rewards credit card

Reviewed and recommended by Bikram on 03 Jul 2016

ANZ Black Frequent Flyer is a premium credit card suited mostly for frequent air travellers with air lounge passes and travel insurance included. The card also comes with 75,000 worth of Qantas Frequent Flyer points, which is equivalent to around $750 in gift cards.

Pleased with this card

Reviewed and recommended by Shase on 29 Oct 2014

Overall a good credit card. I got this card as there are no fees for the first year and they give you 50,000 frequent flyer points if you spend a certain amount on it in the first 3 months. I have had no issues with it. Great for collecting Qantas frequent flyer points.

Beware of fees

Reviewed and not recommended by Cher on 13 Apr 2016

I am an ANZ customer and recently changed over from the rewards program to the frequent flyer program. New customers received a bonus for joining, existing customers get nothing for their loyalty. Not only that, I got slugged with card fees of $165.00. I was advised by an ANZ operator that due to the paid breakfree package I was on with ANZ, I would not incur any fees to change my card over. I have now sent numerous emails via my online account and receive only generic responses. I would have been better off changing my card over to the NAB loyalty program. Existing ANZ customers beware before changing card programs and get everything in writing prior as ANZ do not honor the information operators give. In a nutshell, the additional fees negate the frequent flyer program. Existing ANZ customers beware!

Great card, but is it worth it?

Reviewed and not recommended by Sacha on 08 Dec 2016

I signed up for this card primarily for the bonus frequent flyer points offer, and also the high ongoing frequent flyer points earning. The first year’s fee was waived, and thankfully, because it’s $425 per annum and the interest rate is high. That’s when you have to question whether you will earn enough points to offset the fee, and frankly I’m not sure paying that much in fees is worth the earn rate. There aren’t many other benefits that will result in me retaining the card beyond the 12 month mark.

I have had two major interactions with ANZ customer service regarding the card, and both have been fantastic. ANZ also have Apple Pay, which is a bonus.

Overall, I do not believe the card is worth the annual fee.

A good middle of the road card

Reviewed and recommended by Geraldine on 01 Jul 2016

I’ve had this card for years and during that time it has changed from blue to gold to platinum to black. There may be better deals around, but I can’t be bothered to keep changing and I’m happy with this one.

I don’t really keep track of my frequent flyer points, so it is always a delight—like in November—when I can go and see a friend in Melbourne and fly more or less for free.

ANZ is solid and reliable—as much as any bank anyway—at one stage they told me about weird activity on my card in Europe and quickly replaced it.

Points earned are better then other credit cards

Reviewed and recommended by Esther on 27 Sep 2016

I cancelled CBA Platinum credit card as this one was miles ahead with points per dollar, and the extra benefits such as being able to go into the Qantas lounge, etc, are excellent. The insurance is better and many other options are given.

The only downside is that, after the first year being free, the annual fee is crazy, so we plan to leave before getting stung, unless we can get this waived.

Love the points for everyday spending

Reviewed and recommended by Rosie on 20 Sep 2016

I’ve earned a few free flights out of using our credit card for everyday spending. We put all of our spending on the card, then put our pay straight on it to avoid paying interest. It works a treat!

It’s a little annoying that you earn the main points using AmEx since not many places take it without surcharge, so if you aren’t careful it could end up costing lots more than it’s worth.

Show 5 more reviews

Love the points for every day spending

Reviewed and recommended by Rhonda on 01 Jul 2016

I quite like earning frequent flyer points for everyday spending, although the annual fee is pretty high so you really have to use it lots for the points to be worthwhile. The AmEx companion card gets more points, but I often find there’s a surcharge for using it or it isn’t accepted. The Visa doesn’t give many points at all.

Ignored notification that I was travelling

Reviewed and not recommended by Joe on 25 Sep 2016

I am unimpressed with the recent poor service from ANZ while I was overseas recently in the US. I notified ANZ of my trip prior to leaving. However, they blocked my card on two occasions due to not realising I was overseas at the time, even though I had told them. I called using my mobile phone, which incurred roaming costs which they refused to reimburse. I have taken steps to cancel this card and never bank with them again.

High fees, but high rewards

Reviewed and recommended by Bikram on 20 Sep 2016

This is a credit card with initial massive frequent flyer points and travel insurance, but with very high annual fees. The annual fee is waived for the first year, and so one can get the frequent flyer points and then cancel.

It’s suitable for high spenders or those seeking high rewards. The card is part of my ANZ Breakfree package and in my case has no annual fees.

Black is gold

Reviewed and recommended by PC on 21 Jul 2015

I use the AmEx card as often as I can due to the extra points earned with it. It’s nice to have the dual cards so one can be kept as back up. The services offered are pretty great and I received 50,000 bonus points just for opening an account and the first year’s annual fee was waived.

Happy with the card

Reviewed and recommended by Samantha on 13 Jul 2016

Good card. You receive 2 cards (both a Visa and American Express), which means it is accepted at most places. Fees are a little, but there’s good points earning for Qantas Frequent Flyer. I would recommend. Overall, I am very happy.

Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Disclaimer: Does not include taxes, fees, or charges. Accurate as of 25th January 2016.

Earn rates

Spend type

Spend

Airline spend‌

Up to $7,500

1 pt per $1 spent

per statement period

0.5 pts per $1 spent

Reset‌

N/A

Points cap‌

Unlimited

Rewards program basics

First purchase bonus‌

75,000 points

Reward points expiry‌

Never as long as you keep your account active

Rewards program‌

Qantas Frequent Flyer

Spend required for bonus points‌

$2,500 in 3 months

Earning points with this card

Frequent flyer points‌

1 pt per $1 spent up to $7,500 then 0.5 pts per $1 spent per statement period

Overseas earn rate‌

Same as standard earn rate

Points cap per month‌

Unlimited

Points cap per year‌

Unlimited

Points earned on ATO payments‌

N/A

Reward points‌

0.5 pts per $1 spent

Additional benefits

Airport lounge access‌

Yes

Complimentary flight voucher‌

No

Concierge service‌

Yes

Benefits

This card comes with benefits worth an estimated $1,391

Shopping

Estimated value

Extended warranty

Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.

$50

Guaranteed pricing / price protection insurance

Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.

$10

Purchase protection

Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.

$40

Travel

Interstate flight inconvenience insurance

Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.

$290

Overseas travel insurance

Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.

$801

Rental vehicle excess cover (separate from travel insurance)

Valuation based on similar rental vehicle excess insurance policies available online.

$32

Transit accident insurance

Valuation based on similar global transit accident insurance policies available online.

$150

Waived Qantas Frequent Flyer joining fee

Valuation based on $89.50 Qantas Frequent Flyer joining fee spread over 5 years.

$18

Total estimated value

$1,391

Annual fee

$0

Net customer value

$1,391

Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old

You are a resident or citizen of Australia

Earn a regular income of more than $75,000 per year

Have a good credit history

You have your personal details ready to complete the online application

Have not applied for multiple credit cards recently

Joint applications are not allowed

Temporary residents are eligible

Age Pension,
Disability Pension and
Veteran's Pension
are acceptable.

Overseas Pension and
Widower's Pension
are not acceptable.

Carer's Allowance,
Child Support Payments and
Family Tax Benefits and Parenting Payments
are acceptable.

Austudy,
Foster Care Allowance and
Youth Allowance
are not acceptable.

Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.